The decrease in gas prices is expected to continue. Patrick DeHaan, head of petroleum analysis at GasBuddy, says prices have been inching lower, following a spike during the attacks in Saudi Arabia. “The statewide average in Indiana is down about five cents a gallon in the last week,” DeHaan says. “It stands at $2.51. That’s about 50 cents lower than last year.”
Continue readingThose hitting the road this Labor Day weekend will experience the holiday’s lowest gas prices in over a decade. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says that’s in spite of a recent increase in prices. Continue reading
If driving is part of your Fourth of July plans, be prepared for higher gas prices. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan says prices at the pump may go up, to catch up with crude oil prices. Continue reading
Gas prices have been heading down over the past few weeks, but the drop’s been more noticeable in some places than others. As of Wednesday, GasBuddy.com was reporting prices of $2.19 per gallon or lower in places like Plymouth and Hamlet, but about 20 cents higher in Knox and Culver. Continue reading
Gas prices are expected to stay low during the Thanksgiving travel period. Continue reading
Gas prices have been dropping over the past few days, and experts expect that trend to continue. Continue reading
As the month of June comes to a close, motorists should be aware that we are approaching one of the highest gas price months out of the year. Senior Petroleum Analyst with GasBuddy.com Patrick DeHaan said to expect July prices to be higher than the yearly average due to several factors including higher demand during summer months and various blends of summer gasoline that cost more to produce. Continue reading
Gas prices remain close to $4 per gallon of regular unleaded in the Kankakee Valley. GasBuddy.com senior petroleum analyst Patrick DeHaan says they should have dropped by the middle to end of May. He says there’s no specific reason but notes wholesale prices are higher. DeHaan says he’s been waiting for prices to drop or trends to shift. He says the tipping point that should revert to a downward trend should occur at any time, but it hasn’t happened yet. Meanwhile, he says refineries are looking good and production is up, so he doesn’t expect gas prices to go up considerably more before they eventually drop.
With gas prices hovering around $3.55 locally and a state average of $3.43, the cost of gas is creeping back up to stressful prices. However, Patrick DeHaan with GasBuddy.com assures drivers that this is a temporary spike that will soon be dropping. He said refinery kinks are to blame.
“It’s certainly a big step in the right direction. Politicians have long looked at price gouging and other factors behind gas prices, but I think this is the root of all evil here, is the fragmentation that exists with boutique fuels – that is, different cities, different counties, maybe utilizing and consuming different types of gasoline than other nearby cities,” said DeHaan.
Unrest in Egypt is to blame for rising gas prices, according to GasBuddy.com Senior Petroleum Analyst Patrick DeHaan, who says the market is nervous violent protests could spread to other parts of the Middle East. He cites Energy Information Administration data that indicates crude oil inventories have dropped by six percent or 20 million barrels in the last two weeks. DeHaan adds higher crude oil prices in July are being passed on to consumers at the pumps. He says many retailers in Indiana have raised regular unleaded to $3.75 a gallon and adds prices may continue to climb next week.
You will see an uptick in gas prices today but it’s not because of the impending Fourth of July holiday.
GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said this is a normal fluctuation in prices. Oil saw a $2 gain in the market which is the cause of the increase.
The retail price of gasoline throughout the state of Indiana continues to decline at a rapid pace, having dropped from an average of $4.20 on June 6 to $3.57 on June 25, but how long can we expect these prices to continue to fall? According to Patrick DeHaan, senior petroleum analyst at GasBuddy.com, prices should continue to drop for a few weeks, but he said with hurricane season approaching, weather could become a problem.
Finally, some relief is to be had at the pumps as drivers gas up. The average price in Indiana has fallen from $4.20 on June 6 to $4.08 on Wednesday, a breath of fresh air despite the fact that the state’s average remains 45 cents higher than the national average. Fortunately, according to GasBuddy.com’s Senior Petroleum Analyst Patrick DeHaan, those prices will keep falling.
“Exxon Mobile’s facility in Joliet, Ill., has come back online and that’s meant a lot of downward pressure on wholesale prices, which will then, in turn, mean a big drop at the pump here in the next week,” said DeHaan.
Motorists are still gritting their teeth as they head to the pumps, dealing with a spike in gasoline prices that has brought the Indiana average up to $3.98 per gallon – 35 cents higher than the national average of $3.63. Patrick DeHaan, senior petroleum analyst at GasBuddy.com, said a refinery glitch that resulted in lower production is likely to blame.
DeHaan explained that the glitch caused the affected refinery in the Great Lakes region to slow its production and forced it to purchase gasoline on the market to cover its contractual obligations.
Now that Congress has passed legislation to avoid the fiscal cliff, many people are breathing a sigh of relief, but many others are asking the age-old question: what does this mean for gas prices?
Patrick DeHaan, senior petroleum analyst for GasBuddy.Com, said there have been some rumors and small talk about a possible increase to the federal gas tax, but nothing solid has been presented at this point. However, he said just the fact that the talk is up in the air may be grounds for some concern, as this may be a sign of whats to come over the next few years as politicians continue to search for new sources of revenue.
The cost of gas is back on the rise as some stations in Indiana report prices as high as $3.89 per gallon. GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said this is due in part to the increasing cost of wholesale gasoline, and while he does expect them to decrease in the near future, they will likely stay in the mid-three dollar range for the rest of the year.
With the average price of gas in Indiana down 20 cents over the last week, GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said this is due to a number of factors, including the switch to winter blend gasoline.
“A lot of it has to do with seasonal factors as well, drops in demand that allow the supply to build. That’s really the gist of it, you have falling demand, rising supply, and the switchover to cheaper winter gasoline. That’s essentially it in a nutshell,” said DeHaan.
